Montagu to exit Arkopharma for EUR 450m

Arkopharma is forecasting sales of EUR 200m for 2022, a 5% jump on the year prior, according to a statement from the buyer.

Dermapharm, which manufactures more than 1,200 off-patent branded consumer health medicines and supplements, said that the acquisition strengthens its presence in France, Spain and Italy.

Montagu acquired the company in 2014 via Montagu IV in a primary buyout. At the time Arkopharma had revenues of EUR 200m, as reported.

The 2010-vintage fund has two unrealised assets: ophthalmology group Artemis, which is in pre-launch under a Goldman Sachs and HSBC-led auction, and insurtech group Open GI, which was for sale back in 2018, as reported.

Montagu launched an auction for Arkopharma in May, marketing the company off EUR 45m EBITDA, as reported.

Private equity firms Bridgepoint and Ardian, as well as CVC through its portfolio company Cooper had been looking in the early stages of the process, as reported.

The company had been expected to sell for a mid-teens EBITDA multiple, according to the report, which compared it with larger peer Havea, recently sold to BC Partners-led consortium for a reported 15-16x multiple.

Arkopharma's product line is differentiated from Havea's in that it's a pure player in supplements, while the latter manufactures, designs and distributes a wide range of products, including food supplements and personal care products for babies and women.

Company

Arkopharma is a French pharmaceutical company specialised in natural healthcare, including herbal medical products and food supplements. It focuses on twelve key therapeutic areas through its Arkopharma umbrella brand and its seven strategic sub-brands including Forcapil, Arkorelax, Azinc / Arkovital, Chondro-Aid, Cys-Control, Arkoroyal, and Arkogélules / Arkofluides.

Advisors

Montagu - Rothschild (M&A).

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